SKAN Group AG — Investor Presentation 2021

Oct 7, 2021

SKAN Group Media Conference Presentation

7 October 2021

Today's presenters

Gert Thoenen Chairman

Chairman since 2021

• − Senior partner at Lenz Caemmerer Lawyers and Notaries
• − Member of the board of directors of various companies
• − Dr. iur. University of Basel
• − LL.M University of Houston

Thomas Huber Group CEO

Joined SKAN in 1996 Group CEO since 2017

• − Previously Chief Marketing Officer and Director of Sales
• − MSc ETH Zürich in Electrical Engineering
• − INSEAD Advanced Executive Program

Burim Maraj Group CFO

Joined SKAN in 2008 Group CFO since 2018

• − Previously Chief Officer IT & Controlling
• − Executive MBA University of St.Gallen (HSG)

SKAN – longstanding heritage in aseptic manufacturing equipment and processes

SKAN

(1) Sales 2020A adjusted for discontinued operations in Process Automation (Pharma Integration).

Transaction structure

• Major shareholders of BV Holding are Willy Michel (59.3%) and Thomas Plattner (8.7%)
• "Other shareholders" of SKAN Holding are founders and current and former employees
• Extraordinary General Assembly of BV Holding AG of October 4, 2021, approved – among other agenda items – the capital increase for the IPO and the change of name to "SKAN Group AG"

▪ SKAN Holding AG to become a subsidiary of SKAN Group AG (former BV Holding) by way of a quasi-merger

▪ Expected largest shareholders after IPO are Willy Michel, the Plattner family and Peter Baumann (SKAN founder)

October 2021 Introduction to SKAN 4

Note:

(1) Assuming no minority shareholders. (2) Depending on the final issue price / lock-up not considered

SKAN's investment highlights

• Market leader globally for high-end aseptic process solutions catering the global biopharma industry 1 2 3 4

• Technology & innovation leadership with first-tomarket solutions and reference point for aseptic manufacturing guidelines

• Strategically positioned in a highly dynamic & rapidly growing niche market driven by strong underlying end market growth

• Significant barriers to entry due to regulatory requirements know-how and mission criticality of aseptic processes

• Trusted, long-term partner to a large, diversified customer base including almost all major blue-chip (bio-)pharma companies 5 6 8

• Excellent financial profile with demonstrated profitable above-market growth and solid revenue visibility 7

• Experienced & entrepreneurial management with proven track record of organic growth

Clear strategy with multiple avenues for growth and expansion of addressable market

Key challenge for (bio-)pharmaceutical products 1

Medical safety

Medication safety is key and (cross-) contamination unacceptable

Key contamination sources:

• Air particles
• Input: Raw materials, containers, closures
• Personnel

Injectables

• Cancer drugs (ADC, Cytotoxics)
• Cell & gene therapy (Advanced Therapy Medicinal Products (ATMPs))
• Hormones: Insulin
• Medical drugs (Thrombosis, EPO, blood plasma products, botox, etc.)
• Vaccines: Flu, COVID-19, etc.

Increased infection risk as their application bypasses many of the human body's natural defenses

Key challenge: Products: In particular true for:

High-value biopharma drugs

• Risk of significant economic losses if high-value biopharma drugs get contaminated
• Risk of cross-contamination increases with small batch size of fast-growing personalized medicine

SKAN SKAN is global market leader in high-end isolator solutions 1

Medication sterility Solution:

Traditional pharma

Pharma products mainly chemical based

Cleanroom Filling / closing in cleanroom with terminal sterilization Inappropriate for complex biopharmaceuticals + - Cleanroom environment Sterilisation Aseptic processing Raw materials procurement Formulation Fill-finish Quality control Packaging & shipping Terminal sterilisation

Biopharma of today and tomorrow

New products mainly biotechbased (sensitive to heat and pressure)

Isolators

• Filling/closing under aseptic conditions eliminating effectively all contamination risk +
• Reduced cleanroom footprint and running costs and environmental-friendly +
• Complex process results in high market entry barriers +

Technology & innovation leadership 2

• Technology leadership & foresight allows SKAN to be the market defining player
• Continuous active contribution to new guidelines & regulations through industry standards setting organisations (ISPE, PDA, ISO)
• Pure-play business model enables an undiluted focus of resources to drive technology and innovation
• Approx. 1,000 employees globally, of which more than 450 have an academic background, such as scientists and engineers to ensure seamless innovation and production

Highly dynamic niche market with strong end market growth 3

Strong growth of aseptic manufacturing(1)

Isolator market by value (EURm)

Key growth drivers

• Growing demand for smaller batch sizes (e.g. expected orphan drug sales growth +10.8% CAGR 2020-2024F(2))
• Increased risk of cross-contamination addressed by isolators

Continuing trend of pharma outsourcing

• Increased outsourcing via CMOs is driving the demand for isolation equipment

• Global CMO market: +6.3% p.a. (CAGR 2020-2025F)(2)

• Introduction to SKAN

• (1) L.E.K. market study.
• (2) L.E.K. market study based on third-party data.
• (3) A.N. Ganesh et al, Medicine in Drug Discovery 9 (2021) 100079.

Constantly expanding addressable market 3

Aseptic manufacturing market by technology

Isolators RABS Cleanroom equipment

Isolator

Integrated, fully-automated robotics

Shift from cleanroom towards isolator solutions… … and further to integrated aseptic manufacturing

Key trends

Regulatory

environment

Competitive advantages of isolators vs. cleanroom

• Separation of production process from environment
• Automated, reproducible, documented bio-decontamination
• Isolator modularity / flexibility
• Reduced cleanroom footprint
• Lower running costs (energy, quality, etc.)

Applications

• Filling / closing of vials, bottles, pre-filled syringes, IV-bags, inhalers, cartridges
• Loading / unloading of freeze dryers
• Sterilisation of tubes

SKAN's leadership position is underpinned by high entry barriers and compelling value proposition 4

Technological edge

Stringent regulatory environment

Mission criticality of aseptic processes

Lock-in effect

Entry barriers SKAN's value proposition

Mastery of difficult to replicate know-how on highest- ✓ performance isolators

Process warranty regarding all regulatory (e.g. FDA, EMA, Swissmedic) required qualifications & timeline ✓

✓

Introduction to SKAN

Swiss brand, engineering & reputation provide trust in ✓ isolator safety

Large installed base of isolators and leading global services incl. tech transfer & consumables across product lifecycle

Comprehensive portfolio for global (bio-)pharma customers 5

	Cleanroom Business Pure contrib. Solutions	Customized and modular isolators Process Solutions	Business contrib.	Integrated processes	Integrated Process Solutions	Business contrib.
s n o uti ol S") S & & nt E (" e m p ui q E 77% of revenue	Pure Solutions Trading Trading of Laboratory/ cleanroom equipment, mostly in Switzerland Horizontal/verti cal workbenches Fume cupboards Particle counters	Customized Solutions ("CusSol") Customer-specific isolator solutions for aseptic manufacturing and filling Process warranty incl. complete GMP compliance	System Solutions ("SysSol") Modular isolators equipped flexibly with process tools Close collaboration with process tool partners	Aseptic Technologies (AT) within isolator	Proprietary, automated closed-vial filling equipment for small/medium-batch cell & gene therapy integrated	Process Automation Global process solution providing automated (robotic) process handling fully integrated within the isolator
s e bl C") a m & u S s (" n o C 23% of revenue	Consumables Personal protective equipment Biosanitizer Services Qualification	Consumables Biological Indicator Electron Beam (bulbs) Spares (gloves, filters, etc.)	Services Life cycle support GMP requalification Performance studies	Consumables Closed vials Connectors Filling kits Services Rent a machine Life cycle support		Consumables Refer to process consumables Services Refer to process services Digital integration into MES(1) and ERP systems

Services &

Note: Revenue splits as of 31.12.2020, adjusted for discontinued operations in Process Automation (Pharma Integration). (1) MES = Manufacturing Execution System.

One-stop-shop across the entire lifecycle of SKAN's missioncritical aseptic process solutions 5

Strong and growing global footprint 5

Introduction to SKAN

Note: Number of employees as per 31.12.2020, exclusive of temporary workers. (1) Remaining 1.7% relate to RoW sales. October 2021 14

Excellent financial profile with above-market growth and high revenue visibility 6

Net revenue & order intake

EBITDA

EBITDA (CHFm) and EBITDA margin (%)

Negative working capital

Introduction to SKAN

(1) 2020A figures adjusted for discontinued operations in Process Automation (Pharma Integration). Adjustments include within Equ ipment & Solutions the provisions for losses due to order cancellations (CHF 15.6m) recorded on net revenue level and the loss from th e sale of Pharma Integration attributable to SKAN (CHF 1.3m) recorded in operating expenses. (2) Defined as reported EBIT / (Total Assets – Short-term Liabilities). October 2021 15

6 H1 2021A supporting strong growth outlook

Net revenue(1)

(CHFm)

Order intake

(CHFm)

Order backlog

• Double-digit growth at group level vs. H1 2020A. Pronounced momentum in Services & Consumables segment (+20.0% y-o-y) in-line with SKAN's corporate strategy
• Adj. EBITDA margin at 13.9% slightly lower vs. H1 2020A due to increased investment and R&D spending. S&C reaching almost 25% EBITDA margin level signaling path towards improved profitability of SKAN
• Strong increase in order intake (+33.0% y-o-y) primarily driven by Customized and Pure Solutions business as well as Services & Consumables at Aseptic Technologies (+76.7% y-o-y)
• Increasing order backlog laying down the tracks for further growth over short- to medium-term

Equipment & Solutions Services & Consumables

October 2021 Introduction to SKAN

• Note: Rounding differences may occur.
• (1) H1 2021A net revenue adjusted for special effect in connection with cancelled customer project (CHF 1.1m) within Equipment & Solutions segment. As a result, all claims from customers relating to Pharma Integration are now settled.
• (2) H1 2021A EBITDA adjusted for special effect in connection with cancelled customer project (CHF 1.1m) within Equipment & Solut ions segment. Further adjustments on group level include costs related to move into new headquarters (CHF 0.8m), costs for rebranding (CHF 0.2m), legal fees in curred (CHF 0.1m), as well as costs incurred in relation to the offering (CHF 0.1m).

Experienced, entrepreneurial management and highly qualified workforce loyal to the firm 7

Highly qualified and dedicated workforce

"Together always one step ahead"

Loyal, increasing workforce(1)

• Strong corporate culture of excellence and innovation
• Flat hierarchies & team spirit attract top talent, resulting in high staff satisfaction

Highly qualified workforce

Low employee turnover(2)

Introduction to SKAN

• (1) All figures as of December of respective year and exclusive of temporary workers. (2) Refers to SKAN AG. October 2021 17
• Experienced management team Thomas Huber CEO Burim Maraj CFO Martin Steegmüller CPO & CDO Philippe Jérôme CMO Bernd Naumann CTO & Deputy CEO Michael Gasser CSO Fabienne Schmid CO HR Sascha Pawel CIO Thomas Zinn CCO 25+ 19+ 20+ 14+ 17+ 18+ 20+ 14+ 11+ >80 combined years at SKAN approx. 180 combined years in the industry Cornelia Henny-Weiss COO 20+

Clear growth strategy 8

Objectives:

Continue growth track-record Increase recurring revenue base Expand profitability

• Investment in production capacity expansion and scale-up
• Continuous innovation to meet customer's demand and to maintain technical leadership
• Continuous active contribution to new guidelines & regulations
• Grow service revenues with everincreasing installed base of isolators

Expand addressable market towards integrated process systems

• Scale-up of Aseptic Technologies
• Intensified joint developments with established fill-finish partners
• In-house development of automated process equipment in combination with isolator technology

Services Services &

Increase exposure to after-market services & consumables revenues

• Increasing, global product lifecycle support with expanding installed base of isolators
• Further development of innovative consumables (e.g. closed vials, transfer systems, filling kits)
• Additional service offerings of "pre-approved" solutions to help customers shorten time-to-market

• New financing models such as pay per use and off the shelf delivery

• Increased augmented reality service support to increase reaction time and reduce long distance travel

• Increased Virtual Reality design support
• Industry 4.0
• Artificial Intelligence for preventive maintenance
• "One button release" paperless GMP compliant documentation

Consumables Consumables All

Business units

Introduction to SKAN

Process Solutions Integrated

Process Solutions

Financial targets and outlook 8

Metric	2021E Targets(1)	Mid-Term Outlook
Group net revenue growth	9-11%(3)	Mid-teens
Segment net revenue growth(2)	E&S S&C	E&S S&C
EBITDA margin	13-15%(4)	Gradually increase profitability level to upper teens in the mid-term. Potential for further increase beyond mid-term period
Maintenance capex	~3% of net revenue	Slightly decreasing relative to net revenue
Growth capex	CHF 40-45m	CHF 100-120m
Net working capital	To remain negative, expected to increase gradually over the mid-term period
Tax rate	~17%	Stable
Dividend pay-out ratio	~30% of net income	Stable
October 2021 Introduction to SKAN	(1) 2021E targets assume no further deterioration of supply chain conditions. (2) E&S refers to Equipment & Solutions. S&C refers to Services & Consumables. (3) cancelled customer project (CHF 1.1m) within Equipment & Solutions segment.	19 Based on 2020A net revenue figure after adjustments for discontinued operations, i.e. CHF 207.3m. H1 2021A net revenue adjusted for special effect in connection with

(4) H1 2021A EBITDA adjusted for special effect in connection with cancelled customer project (CHF 1.1m) within Equipment & Solutions segment. Further adjustments on group level include costs related to move into new headquarters (CHF 0.8m), costs for rebranding (CHF 0.2m), legal fees incurred (CHF 0.1m), as well as costs incurred in relation to the offering (CHF 0.1m).

8 Planned investments

SKAN is committed to invest significantly in its future growth beyond the mid-term guidance, as expressed by the company's targeted growth capex which is expected to amount to CHF 100-120m (cumulative) over the mid-term

• Within the mid-term guidance, SKAN plans to invest into several isolators accounted for on the balance sheet, setting the basis for continuous high-profit growth expected to materialize primarily over the long-term (only limited contribution over the mid-term period)
• The pre-approved isolators are expected to contribute in the long-term approx. CHF 50m in annual net sales at attractive EBITDA margins of up to 50%
• The business shall be scalable beyond the figures mentioned above
• Primary proceeds from the IPO as well as cash generated from operations shall be used to
• Build out the company's services business
• Expand the production capacity
• General corporate purposes and opportunistic M&A opportunities

Together always one step ahead!

Disclaimer

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